The Bank of Canada was widely expected to hike its benchmark interest rate for the third time in a year this morning and they did. They increased the rate by another .25%
After staying on the sidelines for the better part of a decade following the financial crisis, Canada's central bank raised its key interest rate twice last year, to one per cent. The bank's rate is important because it filters down to affect the rates that Canadians get from banks and other lenders for things like mortgages, GICs and savings accounts.
After a slew of data suggesting Canada's economy is growing solidly, and the job market is positively booming, experts say the central bank is likely to raise its key lending rate by 25 points to 1.25 per cent — a level not seen since 2009.